Perth’s rising population is intensifying demand for homes priced under $1 million, with skilled migrants emerging as a major driver of market competition, according to buyer’s agent Peter Gavalas (pictured) of Resolve Property Solutions.
Gavalas said a wave of overseas migration into Western Australia is pushing up buyer activity, particularly in well-connected, family-friendly areas.
“Many new arrivals are professionals with stable incomes, looking to build long-term lives in Perth,” he said. “They’re targeting family-friendly, well-connected areas and are often ready to act quickly, which is putting added pressure on supply at the affordable end of the market.”
According to the Australian Bureau of Statistics, Western Australia’s population rose 2.4% in 2024 – adding 70,300 people, 64.2% of whom were overseas migrants. Oxford Economics Australia data also shows Perth has one of the country’s highest proportions of overseas-born residents.
“Many of these newcomers are settling in the metro area and contributing directly to the economy, which is helping sustain housing demand,” Gavalas said.
While Perth remains more affordable than other capitals, that advantage is narrowing. With entry-level prices stretching further than in Sydney or Melbourne, Gavalas said international buyers are increasingly drawn to the city’s value.
“International buyers are attracted by Perth’s lower entry prices, strong job market and lifestyle benefits, including quality education and transport links,” he said. “A budget of $750,000 to $900,000 still stretches far here, especially when compared to Sydney or Melbourne.”
Competition for sub-$1 million properties is intense, especially for quality homes in established suburbs.
“In many areas, buyers need to act fast, make strong offers and be prepared for multiple competing bids,” Gavalas said.
According to REIWA, median days on market for Perth homes dropped to just 12 in July – leaving limited time for buyers to make decisions.
“This can be especially tough for overseas buyers who aren’t familiar with the local market,” Gavalas added. “I strongly recommend getting expert help early, particularly if you're unfamiliar with Australian property laws or finance processes.”
Gavalas emphasised that buyers – especially from overseas – should seek professional advice early to avoid missteps.
“Understanding buying conditions, auctions and how to make a compelling offer is so important in a competitive market like Perth,” he said.
With interest rates falling and more Australians expected to re-enter the market, Gavalas said buyer competition is only set to increase.
“There are still good opportunities in Perth for both local and international buyers,” he said. “But my message is clear: do your research, move quickly and get local guidance.”
However, affordability could come under pressure in 2026 when new first-home buyer incentives and WA’s revised stamp duty concessions take effect, likely fuelling further demand in the sub-$850,000 segment.
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